Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Yukawa Real Estate Appraisals, LLC provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is accomplished ensures independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the outlook of the appraisal assignment. The Fed states that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Yukawa Real Estate Appraisals, LLC, we are experienced in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We are aware of what the most prevalent report weaknesses are, specifically in our housing market, as well as what represents a quality appraisal. In the same regard, we are professional enough to distinguish that our competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively study appraisal reports done by others. And those others might be reviewing our work, too!
When you choose Yukawa Real Estate Appraisals, LLC, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Yukawa Real Estate Appraisals, LLC to learn more about our qualifications, expertise and services offered.